Foreigners Face New Hurdles in Opening Thai Bank Accounts

[Celsius]

3 hours ago, flyingtlger said:

Each and every day, Thailand is looking like a bad place to work or retire.....

 

 

But when I say it imma troll

[Celsius]

1 hour ago, Karma80 said:

I fail to see the uproar. Why should a tourist be able to open a bank account? They can't in any other country.
 

 

Funny that. I was able to open multiple bank accounts in USA.

 

My bank even has a service to open a US bank account without even stepping into USA.

[CallumWK]

43 minutes ago, HappyExpat57 said:

I was under the gun and she knew it. Besides, I'm that kinda guy with more moolah than sense.

 

Not sure why you were under the gun, because to get a retirement visa there is no need to fill in a load of documents and go to Bangkok, she just made that up.

 

1 hour ago, HappyExpat57 said:

I can't imagine they want this gravy train to go dry.

 

Of course "they" don't want, but it may be that others decide on that.

[Tropicalevo]

4 hours ago, flyingtlger said:

Each and every day, Thailand is looking like a bad place to work or retire.....

 

 

Why?

Nothing has changed (yet).

Just people panicking as usual.

 

4 hours ago, webfact said:

Currently, there's no official ban on opening new accounts, but banks are exercising caution.

 

So, it is the agents that are causing the panic.

They are withdrawing their (sometimes) illegal services.

[lordgrinz]

Nothing a few well-placed brown envelopes can't fix, TIT.

[MikeandDow]

4 hours ago, HappyExpat57 said:

In all fairness, the agents who have been assisting retirees without seasoned money in the bank have been performing an illegal act. The law to have the 800k in the bank was meant to keep riff raff out.

 

I have several friends in the Jomtien area who have used these agents for years. They are real decent folk, not troublemakers in the least - the kind of people you WANT living in Thailand, spending their money supporting the local economy.

 

Sadly, the law is the law. I hope they aren't forced to leave LOS. The place will be a little worse off if they are.

Yes sadly the law is the law, and you need to research the Law  it is up to the  immigration officer to grant the visa or not (with or with out money) and that is the Law !!

[Joseph98765]

And that's why Bank system is the worst place to leave your money... once they can freeze your account because they have a suspicious idea of you...

Waiting for the time that crypto replace all this and makes you feel that your money is really yours. 

[CallumWK]

20 minutes ago, Tropicalevo said:

4 hours ago, webfact said:

Currently, there's no official ban on opening new accounts, but banks are exercising caution.

 

So, it is the agents that are causing the panic.

 

It are the banks.

I am here more than 30 years, and on a retirement extension.

I have had a savings account at TTB for decades. A few months ago I tried to open a fixed term account.

Sorry, people on retirement visa can not open bank accounts anymore.

Been to multiple branches, and everywhere the same answer.

I started a topic about this, where others confirmed the same situation.

You think nothing has changed?

[StandardIssue]

2 hours ago, HappyExpat57 said:

I've shared many times how I moved to Mexico and moved back so fast it gave me whiplash.

The SECOND part of that story is how I got my retirement visa back (I STUPIDLY burned the bridge and did not get a re-entry permit!).

 

It was Jomtien immigration. I asked what I needed to do to start the process all over again. The lady officer took me back to a private office where we sat down. She handed me a large stack of forms, all in Thai, and told me I would need to fill them out then take them to Bangkok where it would take several days to complete the task. OR - I could hand her 19k baht and she'd handle the whole thing.

 

I can't imagine they want this gravy train to go dry.

The Dragon lady at desk 5 Jomtien gave me a hard time once but I have made 2 retirement visas with her in the last 6 years and didn't need to give her any money under the table. Either way, one has to fill out forms. All the forms you need are in English. They are the same anywhere you go. I call BS. No way you did not fill out any forms. You can do it straight up and save the 19k Baht. Not a big deal unless you are too lazy to spend an hour doing the paper work. I REFUSE to do immigration business with an agent and I don't dare bribe an immigration official. It can be done straight up. I've done 5 over 12 years by myself. The rest of the punters can waste their money and be forced to use an agent for their immigration business.

 

I"m not unhappy they are cracking down foreigners doing banking in country. There are way to many scumbags abusing Thailand for scams and crime. I have had both my Baht and Foreign currency account for about 12 years now. I don't dare close the accounts now as it is very convenient to have them for bringing money into country, immigration and getting cash when I need it.

[JustThisOnePostOnly]

Fifteen years ago, this wouldn't have been a problem.  Fifteen years ago, every interaction I had with my bank here in Thailand was fast, efficient and a sheer delight.  I walk into the bank, there is a minimal line if any at all, and I'm on my way in minutes.

 

Today the banks in Thailand look like DMVs.  And the stress of these new kinds of regulations only multiplies with the length of the line you're standing and the fear that you'll have to stand in it again tomorrow because you missed the new X, Y or Z requirement.

[Celsius]

13 minutes ago, Joseph98765 said:

And that's why Bank system is the worst place to leave your money... once they can freeze your account because they have a suspicious idea of you...

Waiting for the time that crypto replace all this and makes you feel that your money is really yours. 

 

yeah....ftx and Celsius come to mind along with 500 crypto exchanges that scammed their users 

[hotsun]

1 minute ago, Celsius said:

 

yeah....ftx and Celsius come to mind along with 500 crypto exchanges that scammed their users 

Thai banks reputation is such that the numerous stories here of thai people losing their life savings in their house burning down. No safe way to keep money in thailand

[Stocky]

17 minutes ago, Joseph98765 said:

Waiting for the time that crypto replace all this and makes you feel that your money is really yours. 

...until it isn't

[hotsun]

23 minutes ago, Joseph98765 said:

And that's why Bank system is the worst place to leave your money... once they can freeze your account because they have a suspicious idea of you...

Waiting for the time that crypto replace all this and makes you feel that your money is really yours. 

The best way to hold your money in thailand is where you dont have to trust anyone other than yourself

[Dan O]

4 hours ago, nomad22 said:

 

Anywhere outside your home country you will have the same problem opening a bank account.  These banking laws were forced on Thailand by western countries, and every country in the world that wants to be part of the international banking community has the follow the same rules.

I dont think your statement is completely accurate about being forced by western countries. These changes are for the reasons stated in the article primarily to help shut down mule accounts for scamming and money laundering. Long overdue. Certainly, there is the integration to comply with international banking, but they have had no real issues moving money internationally using their past regulations even with the differences that exist. They certainly have had issues with odd and indifferent support for people obviously scammed or losing money illicitly from accounts. That needs equally important revisions as part of this effort.

 

I find it interesting that agents are now starting to back away from opening bank accounts when tourist cant properly do it on their own.. These changes most likely will start to impact agencies from faking the monetary requirements for customers to get Imm stamps without the proper finances actually in the bank.

[Aussie999]

5 hours ago, nomad22 said:

 

Anywhere outside your home country you will have the same problem opening a bank account.  These banking laws were forced on Thailand by western countries, and every country in the world that wants to be part of the international banking community has the follow the same rules.

In Australia you only need proof of ID

[Aussie999]

5 hours ago, HappyExpat57 said:

In all fairness, the agents who have been assisting retirees without seasoned money in the bank have been performing an illegal act. The law to have the 800k in the bank was meant to keep riff raff out.

 

I have several friends in the Jomtien area who have used these agents for years. They are real decent folk, not troublemakers in the least - the kind of people you WANT living in Thailand, spending their money supporting the local economy.

 

Sadly, the law is the law. I hope they aren't forced to leave LOS. The place will be a little worse off if they are.

. incorrect send... sorry

[Dan O]

59 minutes ago, Tropicalevo said:

 

Why?

Nothing has changed (yet).

Just people panicking as usual.

 

 

So, it is the agents that are causing the panic.

They are withdrawing their (sometimes) illegal services.

No it the bank regs that are changing and the agents see the writing on the wall that banks will not be able to hide those illegal activities so cant support them as in the past. Im sure some will continue but it will become harder and harder as time goes on if the regs are enacted as outlined. Its been slowly change already for the past year.

[lanng khao]

2 hours ago, HappyExpat57 said:

I've shared many times how I moved to Mexico and moved back so fast it gave me whiplash.

The SECOND part of that story is how I got my retirement visa back (I STUPIDLY burned the bridge and did not get a re-entry permit!).

 

It was Jomtien immigration. I asked what I needed to do to start the process all over again. The lady officer took me back to a private office where we sat down. She handed me a large stack of forms, all in Thai, and told me I would need to fill them out then take them to Bangkok where it would take several days to complete the task. OR - I could hand her 19k baht and she'd handle the whole thing.

 

I can't imagine they want this gravy train to go dry.

Same thing happened to me at korat,but a few thousand less than you paid, they gave me

 48 hrs to leave Thailand or they could sort everything that day, so they had me by the kai ham ..

[Woke to Sounds]

57 minutes ago, Joseph98765 said:

Waiting for the time that crypto replace all this and makes you feel that your money is really yours. 

Crypto going to crash buddy... it's all hot air and eventually hot air backed by nothing gets used up.

 

Best to invest in tangible companies that actually make stuff and pay monthly/quarterly dividends.

 

Cheers buddy

[Olmate]

47 minutes ago, StandardIssue said:

The Dragon lady at desk 5 Jomtien gave me a hard time once but I have made 2 retirement visas with her in the last 6 years and didn't need to give her any money under the table. Either way, one has to fill out forms. All the forms you need are in English. They are the same anywhere you go. I call BS. No way you did not fill out any forms. You can do it straight up and save the 19k Baht. Not a big deal unless you are too lazy to spend an hour doing the paper work. I REFUSE to do immigration business with an agent and I don't dare bribe an immigration official. It can be done straight up. I've done 5 over 12 years by myself. The rest of the punters can waste their money and be forced to use an agent for their immigration business.

 

I"m not unhappy they are cracking down foreigners doing banking in country. There are way to many scumbags abusing Thailand for scams and crime. I have had both my Baht and Foreign currency account for about 12 years now. I don't dare close the accounts now as it is very convenient to have them for bringing money into country, immigration and getting cash when I need it.

5 out of 12 yourself, what else do you do yourself? 🤣

[madone]

5 hours ago, HappyExpat57 said:

In all fairness, the agents who have been assisting retirees without seasoned money in the bank have been performing an illegal act. The law to have the 800k in the bank was meant to keep riff raff out.

 

I have several friends in the Jomtien area who have used these agents for years. They are real decent folk, not troublemakers in the least - the kind of people you WANT living in Thailand, spending their money supporting the local economy.

 

Sadly, the law is the law. I hope they aren't forced to leave LOS. The place will be a little worse off if they are.

 

 

nothing you have said here has anything thing to do with the OP about opening bank accounts.

nothing

[Yellowtail]

2 hours ago, Ben Zioner said:

How could they support the local economy when they have to resort to "illegal" visas, because they don't meet the rockbottom requirements set by Thai Immigration to ensure that they do contribute.

No, the people that use agents to avoid the B800K deposit are all incredibly wealthy, but their investment prowess is such that they are too smart to trust the Thai banks not to fail, and in their home countries, the B800K grows at such a rate that the B30K agent fee looks like paperclip money to them. 

[Woke to Sounds]

49 minutes ago, JustThisOnePostOnly said:

Fifteen years ago, this wouldn't have been a problem.  Fifteen years ago, every interaction I had with my bank here in Thailand was fast, efficient and a sheer delight.  I walk into the bank, there is a minimal line if any at all, and I'm on my way in minutes.

Agree.

 

Bottom line is they want you here ... but don't really want you here.

 

What I do is just pay off everyone whose help I need. That shuts them up and things get done pronto.

 

I'm always 1 step ahead of the scam.

 

When I sense the stakes are going up or the winds are blowing from another direction, I bail or change tack.

[nomad22]

22 minutes ago, Aussie999 said:

5 hours ago, nomad22 said:

Anywhere outside your home country you will have the same problem opening a bank account.  These banking laws were forced on Thailand by western countries, and every country in the world that wants to be part of the international banking community has the follow the same rules.

In Australia you only need proof of ID

 

Do a quick google search and you will find the opposite.  The first few banks all require proof of address in Australia and long term visa.

 

 

 

 

[Woke to Sounds]

1 minute ago, nomad22 said:

 The first few banks all require proof of address in Australia and long term visa.

I just can't believe that nonsense mate.

 

For how many years - decades - has money laundering into Aussie real estate been happening?  Safest bet in the world, Melbourne property.

 

You think those guys are checking all the boxes?  😂

[BangkokHank]

3 hours ago, Karma80 said:

I fail to see the uproar. Why should a tourist be able to open a bank account? They can't in any other country.

Get a proper long term visa and you can walk into any bank in person with legit ID and open it. DTV isn't a long term visa and some people need to get over that. 

I opened a bank account in Vietnam a few months ago on a tourist visa. I visit Vietnam frequently, and I wanted to keep some money there. Who is harmed by me having a bank account there?

[billd766]

2 hours ago, hotandsticky said:

 

 

Not to me.

 

But, please, feel free to try somewhere else.

Nor me.

[black tabby12345]

Better check out around as many as different banks(or their branches).

This is Thailand, often lacking One Set Uniform Standard.

One manager might say no.

But with another,  might be a different story.

 

If you are over 50, there is one quote with which you can let them say Yes.

 

"..Eyeing 800K deposit for my retirement here...”

[proton]

5 hours ago, HappyExpat57 said:

In all fairness, the agents who have been assisting retirees without seasoned money in the bank have been performing an illegal act. The law to have the 800k in the bank was meant to keep riff raff out.

 

I have several friends in the Jomtien area who have used these agents for years. They are real decent folk, not troublemakers in the least - the kind of people you WANT living in Thailand, spending their money supporting the local economy.

 

Sadly, the law is the law. I hope they aren't forced to leave LOS. The place will be a little worse off if they are.

 

Yes and no, there is the loophole that allows them to over look the needed funds, but as they only ever do it when paid then that part is illegal corruption. Also getting extension from a province you don't live in is 100% illegal. If you dont have those funds you are likely going to end up being a burden, even government hospitals have to be paid for. Some boing decent folk is no justification for fraud and corruption